Its BTL retention range has pricing that is 0.25% lower and is available on first and second charge loans for landlords who are refinancing to exit a Together bridging loan, or BTL borrowers refinancing at the end of a fixed rate period.
The products have variable rates, as well as two- and five-year fixed rate options. They have acceptance fees of 2.5%, 5% or 7% and borrowers who pay a higher fee will access a lower interest rate.
For example, a landlord moving from an unregulated bridging loan to a first charge, five-year fixed BTL mortgage will have access to a rate of 6.89%, compared to the previous rate of 7.14% with a 7% fee.
Existing landlords who remortgage with Together after their current term ends will also have access to the new rates.
Together has also updated and streamlined its application process by allowing two options for bridging loan borrowers refinancing to a BTL product. This includes the option for brokers to submit a new BTL case themselves through the lender’s My Broker Venue system or to refer the case to Together’s retention team for processing.
Aldermore Insights with Jon Cooper: Edition 5 – Feeling enthusiastic about next year’s run-of-the-mill market
Sponsored by Aldermore
Together will pay standard commission rates for brokers submitting cases through MBV, or a fixed fee of £495 to brokers referring cases to its retention team.
Tanya Elmaz (pictured), director of intermediary sales at Together, said: “We are continually seeking opportunities to grow our lending by meeting the needs of our valued broker partners through innovation and we believe our new lower-rate BTL retention products will provide more options for their clients.
“Our new BTL retention products are available to our existing bridging and BTL customers and for a diverse number of property types such as houses in multiple occupation (HMOs), multi-unit blocks and holiday lets, for example.”
She added: “The number of BTL mortgages available on the market has risen to record levels, giving brokers and their clients a huge amount of choice, and it’s encouraging to see average mortgage rates beginning to fall across the board, which again will offer increased investment opportunities for new and existing landlords.”
Earlier this month, the firm reduced pricing across its discounted mortgages and increased the maximum loan available on selected products.
